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WH Smith’s pre-tax profits rose by 3 per cent for the half-year after it squeezed a better performance out of its high street stores.

The retailer added to the sense of optimism by announcing a 15 per cent increase in returns to shareholders.

Steve Clarke, the chief executive, who took over from Kate Swann last year, said that the business remained highly cash-generative and had returned £47 million to shareholders through dividends and a share buy-back announced in October. The interim payment is up 15 per cent to 10.8p.

The travel and high street businesses managed small increases in earnings.